Check your loan eligibility instantly and calculate the maximum loan amount you qualify for. Get personalized results for personal loans, home loans, and auto loans based on your income and financial profile.
Loan eligibility determines whether you qualify for a loan and the maximum amount you can borrow. Understanding your eligibility before applying helps you choose the right loan amount, avoid rejections, and negotiate better terms with lenders.
Our comprehensive loan eligibility calculator considers all crucial factors including your income, existing obligations, credit profile, age, and employment stability to provide accurate eligibility estimates for different types of loans.
Your monthly income is the primary factor determining loan eligibility. Lenders assess both gross and net income, employment stability, and income growth potential. Higher and stable income increases your eligibility significantly.
Lenders calculate your Fixed Obligation to Income Ratio (FOIR) by considering all existing EMIs, credit card payments, and other financial commitments. Lower existing obligations increase your eligibility for new loans.
Your credit score reflects your creditworthiness and repayment behavior. A higher credit score not only improves eligibility but also helps secure better interest rates and loan terms.
Age affects loan tenure and eligibility. Younger applicants can get longer tenures, while older applicants may face restrictions. Lenders prefer applicants who will retire after loan completion.
Personal loans are unsecured loans with stricter eligibility criteria due to higher risk for lenders. They rely heavily on income stability and credit score for approval decisions.
Home loans offer the highest loan amounts and longest tenures due to property collateral. Eligibility depends on income, property value, and repayment capacity over the long term.
Auto loans are secured by the vehicle, making them easier to qualify for compared to personal loans. Eligibility depends on income, vehicle type, and down payment capacity.
FOIR is the primary method lenders use to determine loan eligibility. It calculates the percentage of your monthly income that goes toward fixed financial obligations.
Some lenders use income multipliers to determine maximum loan eligibility. This method multiplies your monthly or annual income by a predetermined factor.
Modern lenders use comprehensive affordability assessments that consider your complete financial picture, including income, expenses, assets, and liabilities.
If your current eligibility is lower than desired, there are several strategies to improve your loan qualification. These methods can help you secure higher loan amounts and better terms.
Many loan applicants make mistakes that negatively impact their eligibility assessment. Understanding these common errors can help you avoid them and improve your chances of loan approval.
Loan eligibility is calculated based on your monthly income, existing EMIs, expenses, credit score, age, and employment stability. Lenders typically use debt-to-income ratio and fixed obligation to income ratio (FOIR) to determine eligibility. The maximum loan amount is calculated ensuring your total EMIs don't exceed 40-50% of your monthly income.
Most lenders prefer a debt-to-income ratio below 40-50%. This means your total monthly EMIs (including the new loan) should not exceed 40-50% of your monthly income for better loan approval chances. Conservative borrowers should aim for below 40% to ensure comfortable repayment.
Credit score significantly impacts loan eligibility. Scores above 750 get better rates and higher eligibility. Scores between 650-749 get moderate terms, while scores below 650 may face rejection or higher interest rates. Good credit history demonstrates repayment capability and reduces lender risk.
Yes, you can improve eligibility by increasing income, reducing existing debts, improving credit score, adding a co-applicant with good income, providing collateral, or choosing longer loan tenure to reduce EMI burden. Paying off credit card dues and closing unnecessary loans also helps.
Required documents include identity proof (Aadhaar, PAN), address proof, income proof (salary slips, ITR, bank statements), employment proof, existing loan statements, and credit report. Self-employed individuals need business registration, financial statements, and GST returns.
Online eligibility calculators provide estimates based on standard criteria and are generally accurate for initial assessment. However, actual eligibility may vary based on lender-specific policies, detailed financial evaluation, and credit assessment. Use calculators as starting points and consult lenders for precise eligibility.
Using online eligibility calculators doesn't affect your credit score as they don't access your credit report. However, formal loan applications involve hard credit inquiries that can temporarily lower your score. Check eligibility online first, then apply only to selected lenders to minimize credit inquiries.
Yes, you can get additional loans even with existing EMIs, provided your total debt-to-income ratio remains within acceptable limits (typically 40-50%). Lenders will assess your residual income after all existing obligations to determine eligibility for new loans. Lower existing EMIs improve your chances.